The Government is closely following the quotation of the blue dollar, in the midst of the economic crisis and the tension on exchange rates that forced it to intervene strongly after the US currency in the informal market approached $500.Friday Before the break for the long weekend, blue closed at $469.
New in development
Brazil has confirmed it will offer Argentina credit for trade between the two countries
Sergio Massa at the last meeting of the G20 economy ministers, with his Brazilian counterpart Fernando Haddad.
The executive secretary of the Brazilian Finance Ministry, Gabriel Galípolo, confirmed on Monday that President Luiz Inácio da Silva will offer his colleague Alberto Fernández a line of financing to Brazilian companies selling to Argentina.
He told Globonews, only a fleeting trip that Alberto Fernández will undertake in Brasilia this Tuesday at noon with the Minister of Economy, Agriculture and Production, Sergio Massa, and more than officials, seeking direct help and against the clock for the severe lack of foreign exchange reserves that Argentina has. In this case it would be a question of being able to pay for imports arriving from Brazil, for at least 5,000 million dollars. Read more here.
Due to the new shares, less pressure on the CCL is expected, but there will be more expensive new dollars
The Minister of Economy, Sergio Massa. Photo: AFP
The battle against the dollar will open another chapter this Tuesday when new foreign exchange restrictions are released. Starting tomorrow, controls will come into force that limit the purchase of cash with settlement (CCL) to those who have taken out credit (guarantee or pass), while brokerage companies (ALYCS) will only be able to buy CCL or MEP in a parallel round called Senebi (Bilateral Negotiation Segment).
The measure ordered by the CNV has generated several readings on the market. On the one hand, it is expected to deflate the demand for cash transactions with leveraged liquidity with collateral, a credit instrument used by operators and investors to finance their transactions with pesos, dollars or securities. But it will also multiply parallel prices, with the incorporation of the “Senebi” dollar, at a more expensive price. Read more here.
The government introduces greater controls to block the exit of dollars from the country
The government wants to control the outflow of dollars.
As part of measures put in place by Sergio Massa’s economic team to halt the dollar’s soaring over the past two weeks, the government has once again adjusted the exchange rate. The National Securities Commission (CNV) presented this Monday two new changes in the functioning of the exchange rates that are bought on the stock exchange: cash with settlement, or cable, and the euro deputy dollar or stock exchange.
It was a move expected by the financial market, after the series of strategies that Minister Sergio Massa has been appealing to since last Tuesday the blue dollar flirted with the 500 dollars. From the Palacio de Hacienda they distributed the statement detailing the new requirements for both operations, although the measures will be made official in the Official Gazette starting this Tuesday. Read more here.
The blue dollar closed at $469 on Friday
The US currency in the informal market ended the week on Friday trading at $464 for buying and $469 for selling. Waiting for the Government for the opening of this Tuesday, after the holiday Monday for Labor Day.
Source: Clarin
